Reliant Investment Management LLC Has $5.82 Million Stock Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Reliant Investment Management LLC boosted its stake in Palo Alto Networks, Inc. (NASDAQ:PANW) by 0.2% during the third quarter, Holdings Channel reports. The institutional investor owned 17,035 shares of the network technology company’s stock after buying an additional 40 shares during the period. Palo Alto Networks comprises approximately 2.7% of Reliant Investment Management LLC’s investment portfolio, making the stock its 16th biggest position. Reliant Investment Management LLC’s holdings in Palo Alto Networks were worth $5,823,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of PANW. Regal Investment Advisors LLC grew its stake in shares of Palo Alto Networks by 27.7% in the fourth quarter. Regal Investment Advisors LLC now owns 2,308 shares of the network technology company’s stock valued at $681,000 after acquiring an additional 500 shares in the last quarter. Northwest Wealth Management LLC acquired a new position in shares of Palo Alto Networks during the 4th quarter worth approximately $207,000. Ethic Inc. increased its holdings in shares of Palo Alto Networks by 27.0% during the fourth quarter. Ethic Inc. now owns 23,961 shares of the network technology company’s stock worth $7,066,000 after purchasing an additional 5,090 shares during the period. First Financial Bankshares Inc acquired a new stake in shares of Palo Alto Networks in the fourth quarter valued at approximately $7,142,000. Finally, Barometer Capital Management Inc. bought a new stake in shares of Palo Alto Networks in the fourth quarter valued at approximately $2,268,000. 79.82% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Sanford C. Bernstein raised their price objective on Palo Alto Networks from $364.00 to $399.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 20th. Truist Financial boosted their price target on Palo Alto Networks from $350.00 to $400.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Wells Fargo & Company increased their price objective on shares of Palo Alto Networks from $385.00 to $416.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Needham & Company LLC boosted their target price on shares of Palo Alto Networks from $345.00 to $385.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Finally, TD Cowen increased their price target on shares of Palo Alto Networks from $350.00 to $400.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Eleven investment analysts have rated the stock with a hold rating, thirty have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $371.50.

Insider Transactions at Palo Alto Networks

In related news, CEO Nikesh Arora sold 66,666 shares of Palo Alto Networks stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $342.98, for a total transaction of $22,865,104.68. Following the completion of the transaction, the chief executive officer now owns 639,994 shares of the company’s stock, valued at $219,505,142.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Palo Alto Networks news, CAO Josh D. Paul sold 200 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $323.41, for a total transaction of $64,682.00. Following the transaction, the chief accounting officer now directly owns 24,782 shares in the company, valued at approximately $8,014,746.62. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Nikesh Arora sold 66,666 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $342.98, for a total transaction of $22,865,104.68. Following the sale, the chief executive officer now directly owns 639,994 shares of the company’s stock, valued at approximately $219,505,142.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 269,866 shares of company stock worth $88,620,447 over the last three months. 3.30% of the stock is owned by company insiders.

Palo Alto Networks Trading Up 5.1 %

Shares of PANW stock opened at $355.13 on Wednesday. Palo Alto Networks, Inc. has a 1-year low of $233.81 and a 1-year high of $380.84. The stock has a market cap of $114.99 billion, a price-to-earnings ratio of 51.62, a PEG ratio of 4.82 and a beta of 1.13. The stock has a 50-day moving average of $338.26 and a 200-day moving average of $317.74.

Palo Alto Networks (NASDAQ:PANW) last announced its earnings results on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, beating the consensus estimate of $1.41 by $0.10. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The business had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same period in the prior year, the business posted $0.80 earnings per share. The firm’s revenue was up 12.1% on a year-over-year basis. Sell-side analysts forecast that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current year.

About Palo Alto Networks

Palo Alto Networks, Inc provides cybersecurity solutions worldwide. The company offers firewall appliances and software; and Panorama, a security management solution for the global control of network security platform as a virtual or a physical appliance. It also provides subscription services covering the areas of threat prevention, malware and persistent threat, URL filtering, laptop and mobile device protection, DNS security, Internet of Things security, SaaS security API, and SaaS security inline, as well as threat intelligence, and data loss prevention.